Tag Archives: medical device industry

On Monday, 6/1, Crimson Life Sciences officially becomes part of TransPerfect Medical Device Solutions. Here’s more information from the client notification:

You may be wondering: why the change? The language and content needs of the medical device industry have evolved significantly over the years, and the TransPerfect family of companies has met those changes by developing a wide range of services and technologies to meet the specific needs of device makers. A majority of our work now rests on integrated solutions that help clients reduce cost and risk through process automation and redesign, including:

Process Automation Technology

Labeling Automation Solutions

Validated XML Publishing Systems

Automated Website Localization

Software Design, Translation, Verification, and Testing

E-Learning Development and Localization

And more!

Throughout our 23 years in business, Crimson has come to be known as the most quality-focused translation provider in the industry. Our commitment to this goal has not changed, but our name now reflects our full range of integrated solutions for device makers.

It has been our great honor to work with our clients in the medical device industry for the past quarter-century. We look forward to providing innovative services, technologies, and systems as TransPerfect Medical Device Solutions.

OK – maybe the recently reported, substantial drop in worldwide medical costs isn’t entirely due to XML publishing technologies…but it’s one good example. All across the healthcare industries, companies and providers are adopting new methods and technologies that are helping them reduce cost and – finally – contain runaway expenses.

In the medical device industry, content-related costs have been growing rapidly over the past 20 years. But recently, companies like Medtronic, J&J, and Stryker have adopted XML publishing as a powerful way to reduce turnaround, cost, and risk – making their products more price-competitive around the world.

For instance, Medtronic implemented an XML content management system from our Vasont division to cut the time and cost of their translation/localization process by 50% – as one Technical Communications Manager there said recently, “We process ten times more content with the same headcount – this wouldn’t be possible without XML.”

XML is just one of the automation technologies offered by TransPerfect Medical Device Solutions to help manufacturers lower their content cost and risk and increase productivity – or, automate the entire labeling process with our EnCompass system. At TransPerfect, we’re helping to drive down the cost of healthcare – and increase profitability for our clients!

Admitting something is “too hard” isn’t common at Google…but if you go to 28:54 of this video, you’ll hear Sergey Brin and Larry Page explain why medical device/healthcare is one of those areas.

Aside from feeling a little self-satisfied that you’re doing something that’s too difficult for Google, there are other points to consider here. Sure, device regulation is complex and difficult – and sometimes a little capricious and illogical. Still, regulation is meant to protect public health from faulty devices and bad actors – not everyone who makes a medical device puts patient safety first (witness the PIP breast implant scandal).

This is a common refrain from new technology companies: regulation is stifling innovation. The battle between taxicabs and Uber is one example. However, part of the cost of a cab comes from liability insurance – you can sue the cab company if you’re injured – a pedestrian can sue the company if they are struck by a cab…who are you going to sue if you’re struck by an Uber?

Technology companies (and some device companies) see regulation as an unnecessary burden, but many of these regulations are what help keep devices safe and effective. In this respect, a “least burdensome” approach to regulation is desirable – as the inscription above the temple of Delphi read: “Nothing in Excess”

MassDevice.com was a little schizophrenic in reporting the effects of the medical device tax, as outlined in a striking new Advamed report. According to their first post (2/12) the Device Tax’s impact was “milder than expected”…but their later post (2/18) states that 33,000 jobs have been lost in the industry already. So, what gives?

Well, it turns out that 53% of senior-level respondents had predicted “somewhat negative” or “very negative” effects when, after the fact, 45% actually experienced these negative effects. I guess that’s somewhat milder, but not by much.

At first blush, you might be tempted to say “this is an industry-sponsored report and exaggerated” but the scope of the survey suggests otherwise – responses came from 38 companies, accounting for 40% of domestic medical device revenue…45% had revenue below $100 million, the rest were above.

A recent EvaluateMedTech report from Evaluate Group predicts that medtech (4.5% CAGR) will outperform pharma (3.8% CAGR) between now and 2018 – that’s the good news.

The bad news is that VC investment in the medical device industry dropped 17% in 2013 versus 2012….in 2012, VC investment dropped by 13%. A good analysis is available at FierceMedicalDevices.

What does this mean for industry? Considering the time and financial resources required to develop, conduct clinical trials, and commercialize devices, it means that we will be facing a significant fall-off in device innovation in the coming years…which is not great news for long-term industry growth.

The game has changed for devices in recent years – products must now demonstrate value as well as improve the standard of care…new hurdles that introduce investment risks that early-stage VCs seem to be avoiding. Unless new funding sources can be developed (crowdfunding?) the medical device industry, long considered an innovation leader, may become a laggard.

Recent news highlights the growing importance of XML publishing for the medical device industry: Just before the holidays, TransPerfect announced a merger with Vasont Systems – a leader in componet content management systems for the medical device industry. With the addition of Vasont, TransPerfect adds another XML publishing technology – one that is already in place with medical device manufacturers such as Medtronic and J&J – on top of existing XML technology from Astoria Sofware.

Why is TransPerfect doubling-down on XML technology for medical device? Our work with device manufacturers demonstrates a 50% reduction in labeling cost and turnaround with this automated approach to publishing. In some cases, formatting and formatting QC activities can represent as much 70% of translation turnaround time! Given the cost and margin pressures facing manufacturers today, it’s small wonder that interest in XML publishing is at an all-time high. In response, the Vasont merger substantially broadens the XML technology and service offering available to device makers through TransPerfect Medical Device Solutions.